(5) the instrument is issued or
transferred in exchange for the incurring of an irrevocable obligation to a
third party by the person taking the instrument.

(b) "Consideration" means
any consideration sufficient to support a simple contract. The drawer or maker of
an instrument has a defense if the instrument is issued without
consideration. If an instrument is issued for a promise of
performance, the issuer has a defense to the extent performance
of the promise is due and the promise has not been performed. If an instrument
is issued for value as stated in subsection (a), the instrument is also issued
for consideration.